Monday, December 30, 2019
Food Is Essential For A Culture Essay - 1815 Words
Food has been a staple in cultures since the beginning of human history. Besides needing food for nourishment, it is an accumulation of a cultureââ¬â¢s environment, rituals, history, and wealth. Therefore, food is both an evolutionary and cultural necessity. In fact, food is vital for a culture as it nourishes and connects the group of people within said culture. As the Earth and its cultures become more globalized, food has evolved to become a teacher that showcases the many cultures inhabiting the planet. But, one person can only become accustomed to a low percentage of food, offered around the world, throughout his or her life. Thus, the food one person usually knows and likes is the food from oneââ¬â¢s own culture. Most people, untrusting of what other exotic cultures offer, are disgusted by what others consider delicacies. This trust, and distrust, creates, in a humanââ¬â¢s mind, four categories of food: distasteful, disgusting, tasteful, and delicious. Inherently, hum ans classify foods by what foods one is comfortable around and by foods one is not comfortable around, or more precisely by what is delicious and tasteful and what is distasteful and disgusting. This happens from an evolutionary stand point and a cultural stand point. Specifically, culture evokes, within majority of the foods in the present-day globalized world, the categories disgusting and delicious, whereas nature and evolution evoke distasteful and tasteful reactions. To begin to understand why some foods areShow MoreRelatedThe Role of Food and Recipes in Like Water for Chocolate by Laura Esquivel1140 Words à |à 5 PagesThe role of food and recipes in Like Water for Chocolate by: Laura Esquivel From the time of Adam and eve, food is always a very essential need of human life. Due to good or bad eating habits and the difference in human body sizes is always noted. Eating a lot does not guarantee good health as eating balanced diet. Many individual eat certain groups of foods mostly due to their cultures, backgrounds, geographic locations and also the economic status of their families and their ethnic groups. UnlikeRead More The Slow Food Movement Essay1604 Words à |à 7 PagesThe Slow Food Movement In 1987 Carlo Petrini started a coalition dedicated to the politics and pleasures of slowness and the opposition of fast food. (Leitch 439) He describes one of his goals by saying: Im for virtuous globalization, where theres a just and true commerce to help small farmers. Its important to have a commerce thats organic and sane and against genetically modified organisms and processes that poison theRead MoreWe Need A Culturally Diverse Class867 Words à |à 4 Pagesstrongly that it is very essential that colleges should have a culturally diverse class. College should offer these classes considering that culturally diverse class will enhance studentsââ¬â¢ knowledge of various cultures that are significant to history. These classes that involve learning about cultures are imperative, especially to the Historically Black Colleges and Universities. These classes are important to have considering it teaches rich history, gives knowledge of culture, and helps students realizeRead MoreKiller Cultures: Discovering the Effects of Culture on Ones Personal Happiness921 Words à |à 4 PagesResearch Paper Final Outline: Title: Killer Cultures Thesis: In Eat, Pray, Love, Elizabeth Gilbert travels to three different countries, discovering the effects of culture on oneââ¬â¢s personal happiness and well-being. I. TS#1: During her four months spent in Italy, Gilbert explored the impact of food on oneââ¬â¢s health and overall happiness. A. Detail 1: Healthy food/diet will increase happiness B. Detail 2: Ingredients in traditional Italian foods are mood boosters C. Detail 3: Depression ratesRead MoreAnalysis Of The Omnivore s Dilemma Calls The American National Eating Disorder1301 Words à |à 6 PagesAmerican food culture is not like other countries in the world; the diversity in foods and ethnicity creates its uniqueness. However, Americans mindset of ââ¬Å"what should we have for dinnerâ⬠and the poor decision making about food choices created the ââ¬Å"omnivoreââ¬â¢s dilemmaâ⬠or what Pollan, in The Omnivoreââ¬â¢s Dilemma calls the American national eating disorder. Pollan explored more about the food that Americans consume in ââ¬Å"an investigation of food called the industrial food chainâ⬠(Pollan, Omnivore 110).Read More Japanese Food and Celebrations Essay1181 Words à |à 5 Pagesbeen passed down from generations. Even in a modern country like Japan, tradition is part of their life just like in every country. Whether itââ¬â¢s celebrating or eating food, thereââ¬â¢s always something people do as a tradi tion. The foods and celebrations in Japan are important because they are part of their tradition, which is essential to Japanese everywhere. The best example of a Japanese celebration is Golden Week. Firstly, it is a cluster of national holidays between April 29 and May 5 (Kids WebRead MoreFood Heritage Of Ancient And Contemporary Egypt With Particular Emphasis On Meat Products Essay1331 Words à |à 6 PagesThe Study Title Food Heritage of Ancient and Contemporary Egypt with Particular Emphasis on Meat Products. Introduction Food is one of the most influential and essential elements of life, and human culture. Thus, the study of food according to the perspectives of tourist guidance community is socially, economically and culturally significant for the entire society. Furthermore, the importance of food provisions that is closely related to various aspects of culture has become a vital area of researchRead MoreChinese Culture : Pregnancy And Childbirth1438 Words à |à 6 PagesAnalysis of Chinese Culture: Pregnancy and Childbirth Communication Chinese value silence and avoid disagreeing. The purpose of avoidance is to lessen conflict and maintain a peaceful environment. When assessing a pregnant Chinese woman, it is important to understand this idea of silence. The Chinese woman may remain silent during an exam and while the nurse is educating. Although the woman is not verbalizing her understanding, she most likely does. It is important to gauge how the woman demonstratesRead MoreSuper Stellar Software : Moving To India826 Words à |à 4 Pagesdone on the education issues, food, and daily life of India. This information is needed for the employees and their families who will be moving to India with the opening of a new Stellar Home Improvement company, in that country. Mr. Phillips requested this report on December 1, 2017, in a meeting where he announced the expansion of this company to India. Statement of Purpose: The purpose of this study was to gather valuable information about these three areas of culture shock that will affect theRead MoreDifferences Between Italian And Italian Culture1660 Words à |à 7 Pageslived in a mixed of culture where we can find a variety of nationalities. Sometimes it is fascinating to wonder how people have different cultures, customs and values. I personality experienced endless events where my values clashed with someone elseââ¬â¢s. Immigrating to this country and going to school with different nationalities helped me obviously to understand the distinctions we have culturally. Itââ¬â¢s was difficult to adjusting and also learning about all these different cultures and I came into conclusion
Sunday, December 22, 2019
Different Methods Used For The Diagnosis Of The Cancer
In the medical field, currently various methods are used for the diagnosis of the cancer. Mostly the cancer specialist uses the gland structure for the diagnosis of the cancer patient. Hence the glandular structure observation is very important for the cancer patient disease diagnosis. For the disease diagnosis purpose we required the microscopic image of the gland. A single gland contains thousands of tissues and cells in it, some of them may be overlapped to each other. In this paper we used the, Saliency Map Method, for the segmentation of the input image given by the user. Then we have used the Visual Signal To Noise Ratio (VSNR) Method, This method is used to detect the overlapped cells and it also plays the important role to separate the overlapped cells. The VSNR method is also helps to detect the various features of the gland like area, eccentricity and the orientation of each cells present and detect the total area covered by cells in that image. from all above observation s the pathologist can easily predict the disease. Keywords: Gland Structure, Cells, Microscopic images, Segmentation.. 1. INTRODUCTION Tissue diagnosis [1] is the very important factor in the modern day medical field. The tissue diagnosis technique helps to detect various diseases easily from the glandular images. For such type of tissue diagnosis the tissue samples are taken from the patients and then these tissue samples are viewed under the microscope by pathologist. As soon as theShow MoreRelatedHealth Care Promotion And Delivery And Research Essay1239 Words à |à 5 Pages Introduction Among the numerous mankind diseases some of them are Cancer Diabetes , Cardiovascular disease, are life threatening disease and whole world suffer of this. As we know that diagnosis is very important part of Treatment without it further treatment can not be possible sometimes diagnosis take very long time so this time consuming procedure we must be avoided in ordrer to take care of patient. The present scenario, the demand in the medical diagnostics has grown for the simple andRead MoreLiterature Reviews On Biosensors And Risk Perpection And Communications1614 Words à |à 7 Pageswork base for this project. Cancer diagnosis is presently undergoing a paradigm shift with the integration of molecular biomarkers as part of a routine diagnostic panel. The molecular shift ranges from those comprising of the DNA, RNA, microRNAs (miRNAs) and proteins. The miRNAs were newly discovered as a small non-coding endogenous single-stranded RNAs that critically controls the development, invasion and metastasis of cancers [13]. MiRNAs are different with cancers; they are seen to have the potentialRead MoreCancer Is The Common Feeling Of Fear And Anxiety Of Life And Death Situation1417 Words à |à 6 PagesCancer is the term which bring the common feeling of fear and anxiety of life and death situation. Each calendar period, more than a million individuals will be pronounced with tumo r growth called cancer per annum conforming by the American Cancer Association. When learning about cancer was diagnosed at the first time, it is hard for client and loved ones to accept the reality of tumor or growth and hand out any kind of information has to be provided immediately after the diagnosis. All kind ofRead MoreExamples Of Exosomal Mirna As Cancer Biomarker1096 Words à |à 5 Pages. Exosomal miRNAs as cancer biomarker Just after the Valadiââ¬â¢s discovery in 2007(59), various studies have been performed, in order to characterize exosomal miRNA as diagnostic biomarkers for cancers. In 2008, Taylor et al. reported that eight miRNAs, including miR-21, miR-141, miR-200a, miR-200c, miR-200b, miR-203, miR-205 and miR-214, previously demonstrated as diagnostic markers for ovarian cancer, were also present in serum exosomes, isolated from the ovarian cancer patients (74). In 2009Read MoreThe Diagnosis Of Cancer, Pulmonary Tuberculosis, And Hiv Aids929 Words à |à 4 PagesThe diagnosis is one of the most important factors which influence the outcome of diseases but still it is ignored on a large scale by people. In cases of chronic diseases such as cancer, HIV-AIDS, and tuberculosis, the problem of late diagnosis is severe which causes high number of casualties. The physical symptoms may take time to appear in some cases of cancer. When a person starts to notice the symptoms, the disease is already in a late stage. In India, 70 percent of cancer patients consult theRead MoreEarly Detection Of Breast Cancer971 Words à |à 4 Pageswere diagnosed in 2012, making the breast cancer the most commun cancer (1). In United States, breast cancer represent 29% of new cases expected to be diagnosed in 2015 of all cancer, and is one of the most common cancer diagnosed after skin cancer. It is also unfortunatley the second cause of death cancer within women, and 17% death cases are expected in 2015 for invasive breast cancer (IBC), among the new cases (2). Among the 61% of the breast cancer diagnosed at a confined stage, the 5-year survivalRead MoreHuman Epidermal Growth Factor ( Her2 )1153 Words à |à 5 Pagescontrol the growth and spread of certain cancers. Breast cancer is defined as HER2 positive (HER2+) when there is an extremely high level of HER2 receptors present within the cancerous tumour of the breast tissue (Macmillan, 2013). 1.2 Aims and objectives This report aims to give an overview on breast cancer focusing on the HER2+ sub-type of the disease; it includes an overview of aetiology, epidemiology, pathophysiology, clinical presentation, diagnosis and treatment. It will also include how theRead MoreHow Technology Has Impacted Our Society1739 Words à |à 7 PagesEarly diagnosis is not a concept considered by everyone; however, it should be. In short, it is the detection of a disease or disorder before it has completely developed. Now one might think, ââ¬Å"Why should I care about such a thing?â⬠Well, these folks should think about a person they cherish the most. How would it affect them if they discovered that their loved one had cancer, but it was too late to treat it? This does not always have to be the case with early detection and diagnosis. People aroundRead MoreDiscovering Cancer Cells In Peripheral Blood Focusing On1702 Words à |à 7 Pages Discovering Cancer Cells in Peripheral Blood Focusing on Breast Cancer Taylor Mitchell Thomas University ââ¬Æ' Abstract The discovery and use of tumor cells in pertinent to the development, diagnosis and treatment of cancer. This paper will show specific research not only about tumor cells but also about circulating tumor cells (CTC). It is important to understand how these cells are discovered and the recent development in finding them in peripheral blood in a minimal amount of time. The ChemistryRead MoreThe Detection And Treatment Of Cancer1554 Words à |à 7 PagesHow is a greater understanding of genetics fuelling a change in our diagnosis and treatment of cancer? It is estimated by Cancer Research UK that one in two people in the UK will get cancer at some point in their lives . This startling statistic shows an inept global failure to bring about control of one of most prevalent and fatal known diseases. But the growth in cancer incidence is not confined to the UK; in 2012 14.1 million new people were diagnosed worldwide, with forty percent of these new
Saturday, December 14, 2019
Media on Children Free Essays
At an early age books, movies, television, and the Internet influence how our children think and act in a variety of ways. As children grow these media influences become even more powerful. The media influences on children is not always a good influence and parents need to counteract this influence by discussing and monitoring what their children are exposed to. We will write a custom essay sample on Media on Children or any similar topic only for you Order Now The media often stereotypes people and races. Most childrenââ¬â¢s programming deals in absolutes reinforcing the idea that people are good or bad, stupid or smart and because of their inexperience children will latch onto stereotypes that they see. Parents can counteract this stereotyping by commenting when a group is portrayed inaccurately. Let your children know for example that every blond isnââ¬â¢t stupid, and wearing black doesnââ¬â¢t make you a bad guy. Point out that everyone has good and bad traits. So, often in the media a character is either good or bad, but in real life this is not the case. The media uses its influence on children to market items and influence your childââ¬â¢s desires making them think that they need certain items to be popular or cool. My children often comment on things that they saw in commercials. The other day my son told me that I should get a kitchen chopper, because it can cut things up so much faster than I can using a knife. I replied that I donââ¬â¢t need a kitchen chopper because a knife works just fine. Every year children influence their parents spending by convincing them to buy things that the media has portrayed as ââ¬Å"coolâ⬠. Children recognize name-brand products at an early age because they see them in the media. My children recognized the McDonalds sign by age three even though we never eat there, because they saw commercials on television. Counteract the marketing by pointing out the faulty logic in commercials. Ask your child if they really think having the latest toy will make them more popular or happy. Children often donââ¬â¢t realize that a Barbie wonââ¬â¢t move around like it does on the commercials or that the elaborate set doesnââ¬â¢t come with the toy. Parents can teach their children that things do not equal happiness. Try rewarding with praise and time instead of objects. My children know that they donââ¬â¢t get what they see on television and they rarely ask. Life on many television shows and movies is far from normal. They often glamorize potentially destructive behaviors like drinking, drugs, affairs, and intimate teen relationships. As a parent you can counteract the mediaââ¬â¢s influence by pointing out how the actions of the people on screen are potentially dangerous. Alcohol commercials never show the hangovers the next day. Rarely does a teenage girl get pregnant or someone contract a sexually transmitted disease in the media. Research done by both RAND and the University of North Carolina also shows that teenagers who are exposed to more sex talk and acts in the media are more likely to engage in those same behaviors themselves. Dr. Brown, one of the researchers says, ââ¬Å"Teens are defaulting to entertainment media for sexual information because they arenââ¬â¢t getting this information in other places. Unfortunately, the media arenââ¬â¢t the best sex educators. The media tend to leave out the crucial three Cââ¬â¢s: commitment, contraception and consequences. â⬠The study on media influence on children also pointed out that parents could have a greater impact on their teenââ¬â¢s sexual behavior than the media when they talk about it. Taking the time to discuss the things that our children view in the media will ensure that they are learning the things that we want them to and not the lessons that the media might be teaching thus avoiding negative influence of media. How to cite Media on Children, Papers
Friday, December 6, 2019
Coca Cola Company for Supply Chain â⬠Myassignmenthelp.com
Question: Discuss about the Coca Cola Company for Supply Chain. Answer: Introduction: The Coca-Cola Company is a multinational company which was incorporated in Wilmington, Delaware and has its headquarters at Atlanta, Georgia. The company manufactures retails and markets non-alcoholic beverage concentrates and syrups. The company is popular for its product Coca-Cola which was invented 1886. The company produces syrup concentrates and it is sold to bottlers all over the world and they hold exclusive territory in it. The Coca Cola Company has started franchising its products since 1889. The biggest bottler of the company is Coca Cola Refreshments which is in North America. The company is a public company. The stock of the Company is listed in stock exchange and has a good growth in it. The Company had acquired Thums Up, Minute Maid and Barqs and various other concentrate syrup and fruit juices. Coca Cola is one of the most powerful brands throughout the world. The company has to face many challenges in order to make a long term and a sustainable growth. One of the challenges faced by the company is the supply chain management but it has overcome this challenge in a very effective and efficient manner. The company manufactures its product locally the place where it is sold. The company maintains the demand for its product by keeping the supply chain short and fast and also by keeping its sources of supply local. The flow and process of production is very fast and the company aims to provide high quality products to meet its demand. The process of the company is so fast that it takes just 48 hours for the company to send its products from the finished goods warehouse to the retail markets. The company invests huge funds towards the improvement and development of its production and distribution channels. It openly welcomes new technologies and inventions. Let us now understand what are a supply chain and its use. A supply chain is a network to produce a product and distribute it to the consumers. This results in a faster cycle of production and at a low cost. Inventories of a company primarily contain the raw materials, spares, packaging materials and finished products. Coca cola also keeps stock of its inventories. It values its inventories at cost or net realizable value, whichever is lower. The cost of the inventories is determined using the first-in-first-out basis. Coca cola follows perpetual inventory system. Perpetual inventory system is an accounting method in which the inventories are recorded in real time including its purchases and sales by using the computerized techniques continuously. This helps to accurately see the quantity of goods and helps in controlling the requirement of materials. The advantages of maintaining a perpetual inventory management for the company are the following: The company has good control over the inventories of the company as each transaction is recorded as and when it occurs. The can easily identify whether an item of the inventory is slow moving or fast moving. It helps in recording of the inventories very efficiently and accurately. The inventory valuation and quantity can be determined at any point of time due to continuous updation of the same. The gains and losses in inventories can be measured easily. The Coca Cola Company uses centralized management and handles all the businesses from one controlling head. The company carries inventories so that it can supply as when needed. But keeping surplus inventories also has its own drawbacks for the company. Some if the drawbacks are listed below: It takes a lot of space for storage and thus prevents the company from offering any new product to the customers. Due to excess inventories, products might get outdated and thus there is lack of better opportunities for the product. The excess inventory in stock leads to lower profit margins for the company. There is high amount of storage costs for the company. Also, there are high transport costs for sending the products to and from the warehouses. The products which remain unsold for a long period of time may get expired and thus become waste. Hence, it creates a disadvantage for the company. Paretos Law is also known as the 80/20 rule. It is an important tool which helps in analysis of product mix in the warehouse so that it maximizes the utilization of space in the warehouse. It also states that 80% of the volume of inventory consists of 20% of the products and vice versa. Pareto law can be used by the Company to keep track f its inventories and evaluate the same. The following are reasons as to why the Paretos Law can be used by an organization: It helps to improve the delivery schedule of the supplier. It analyses the performance of the suppliers and helps the management to decide on which supplier to focus. It helps to apply the inventory management appropriately through the use of Activity Based Costing technique. It reduces the cost and thus helping in cost saving. Through the technique cost drivers can be analysed and thus leading to focus on the most important factors to improve the activities. Since, Coca Cola is maintaining a high amount of inventory it must apply the Paretos Law in the value of the inventory. This save time consumption and also lead to cost reduction for the company. Hence, it is recommended to apply the Paretos Law in the company. Activity Based Costing (ABC) is method of costing which identifies all the activities that are performed by an organization and then costs are assigned indirectly to the products which are manufactures by the concern. It determines the relationship between the products, activities and the cost and then it assigns the indirect cost so the appropriate cost is given to the products. It makes the cost data more reliable and provides accurate costs to the products by the classification of the costs into the various processes and products to which it applies. It a very popularly applied method and helps the management to focus and make strategies as per the nearly true costs of the products. It helps the company to identify and eliminate the products which are not earning profits for the company. It helps to reduce prices of the products which are currently overpriced. It also helps to identify and eliminate the production processes which are inefficient. It should be applied for a better management of the products within the company. It also provides a tool for the performance management. It transfers the cost of high volume products to that of low volume products. Thus the cost per unit reduces for the high volume products. The basis of assignment of costs can be done on a completely new basis which may be difficult to implement initially. But on the whole the concept of Activity Based Costing is a very helpful technique. Since, Coca Cola Company carries a huge amount of inventory and has a diversified products, it should implement the Activity based costing in its technique of allocation costs. The costs should be indirect costs which are allocated to various products based on the activities performed in the production and the various cost drivers. Hence it is recommended to implement the Activity Based Costing technique by the company. References Coca cola Company: Overview. Website. Retrieved from https://en.wikipedia.org/wiki/The_Coca-Cola_Company Coca cola Company: about coca cola company. Website. Retrieved from https://www.vault.com/company-profiles/food-beverage/the-coca-cola-company/company-overview.aspx Supply chain: Meaning. Website. Retrieved from https://www.investopedia.com/terms/s/supplychain.asp Coca cola Company: supply chain. Website. Retrieved from https://www.csc.com/application_services/success_stories/78846-coca_cola_supply_chain_management_success_story Coca cola Company: supply chain. Website. Retrieved from https://www.manufacturingglobal.com/lean/358/From-factory-to-fridge:-Inside-Coca-Cola%27s-supply-chain Coca cola Company: Inventory management. Website. Retrieved from https://www.slideshare.net/asif76/perpetual-inventory-system-in-coca-cola-20247028?next_slideshow=1 Coca cola Company: Inventory management problems. Website. Retrieved from https://smallbusiness.chron.com/disadvantage-excess-inventory-22812.html Disadvantages of keeping surplus inventory. Website. Retrieved from https://smallbusiness.chron.com/disadvantages-holding-much-inventory-hand-22710.html Paretos law: Inventory control. Website. Retrieved from https://www.warehouseiq.com/paretos-law-and-the-80-20-rule-for-the-warehouse/ Activity based costing: meaning. Website. Retrieved from https://www.investopedia.com/terms/a/abc.asp
Thursday, November 28, 2019
Monday, November 25, 2019
Bhopal, India Poison Gas Leak Disaster, 1984
Bhopal, India Poison Gas Leak Disaster, 1984 During the night of December 2-3, 1984, a storage tank containing methyl isocyanate (MIC) at the Union Carbide pesticide plant leaked gas into the densely populated city of Bhopal, India. Killing an estimated 3,000 to 6,000 people, the Bhopal Gas Leak was one of the worst industrial accidents in history. Cutting Costs Union Carbide India, Ltd. built a pesticide plant in Bhopal, India in the late 1970s in an effort to produce pesticides locally to help increase production on local farms. However, sales of pesticide didnt materialize in the numbers hoped for and the plant was soon losing money. In 1979, the factory began to produce large amounts of the highly toxic methyl isocyanate (MIC), because it was a cheaper way to make the pesticide carbaryl. To also cut costs, training and maintenance in the factory were drastically cut back. Workers in the factory complained about the dangerous conditions and warned of possible disasters, but management did not take any action. The Storage Tank Heats Up On the night of December 2-3, 1984, something began to go wrong in storage tank E610, which contained 40 tons of MIC. Water leaked into the tank which caused the MIC to heat up. Some sources say that water leaked into the tank during routine cleaning of a pipe but that the safety valves inside the pipe were faulty. The Union Carbide company claims that a saboteur placed the water inside the tank, although there has never been proof of this. It is also considered possible that once the tank began to overheat, workers threw water on the tank, not realizing they were adding to the problem. The Deadly Gas Leak By 12:15 a.m. on the morning of December 3, 1984, MIC fumes were leaking out of the storage tank. Although there should have been six safety features that would have either prevented the leak or contained it, all six did not work properly that night. It is estimated that 27 tons of MIC gas escaped out of the container and spread across the densely populated city of Bhopal, India, which had a population of approximately 900,000 people. Although a warning siren was turned on, it was quickly turned off again so as to not cause panic. Most residents of Bhopal were sleeping when the gas began to leak. Many woke up only because they heard their children coughing or found themselves choking on the fumes. As people jumped up from their beds, they felt their eyes and throat burning. Some choked on their own bile. Others fell to the ground in contortions of pain. People ran and ran, but they did not know in which direction to go. Families were split up in the confusion. Many people fell to the ground unconscious and were then trampled upon. The Death Toll Estimates of the death toll vary greatly. Most sources say at least 3,000 people died from immediate exposure to the gas, while higher estimates go up to 8,000. In the two decades following the night of the disaster, approximately 20,000 additional people have died from the damage they received from the gas. Another 120,000 people live daily with the effects of the gas, including blindness, extreme shortness of breath, cancers, birth deformities, and early onset of menopause. Chemicals from the pesticide plant and from the leak have infiltrated the water system and the soil near the old factory and thus continue to cause poisoning in the people who live near it. The Man Responsible Just three days after the disaster, the chairman of Union Carbide, Warren Anderson, was arrested. When he was released on bail, he fled the country. Although his whereabouts were unknown for many years, recently he was found living in the Hamptons in New York. Extradition procedures have not started because of political issues. Anderson continues to be wanted in India for culpable homicide for his role in the Bhopal disaster. The Company Says They Are Not to Blame One of the worst parts of this tragedy is actually what has happened in the years following that fateful night in 1984. Although Union Carbide has paid some restitution to the victims, the company claims they are not liable for any damages because they blame a saboteur for the disaster and claim that the factory was in good working order before the gas leak. The victims of the Bhopal gas leak have received very little money. Many of the victims continue to live in ill health and are unable to work.
Thursday, November 21, 2019
Conscientious Objection in an all Volunteer Force Essay
Conscientious Objection in an all Volunteer Force - Essay Example Religious values and beliefs are the imperative reasons that caused the army personnel to fight ââ¬Å"war against warâ⬠or other military related activities. During World War I and II, the concern of conscientious objectors, became more acute. Many young conscripts often believe that it is immoral and unethical to carry arms and ammunition with them as it is contrary to their religious values. As a result, many young men refuse army services and decide to undertake other civilian services. Sometimes, army personnel who are already working for military services become conscientious objectors when their mind and beliefs make a paradigm shift. In many countries, there is no official permission from military services departments for military personnel to renounce their participation in war times, option to resign this post and work for civilian services. Under these situations, conscientious objectors often confront with punishments, imprisonment, discrimination, prosecution etc. I n essence, a decision to compel an individual to engage in armed combats and serve the military, hampers the integrity and dignity of human beings. However, certain human rights association realized the sensitivity of conscientious objection issue and created relevant legislations to deal with such issue. The next paragraph focuses on few legislative actions which consider the sensitivity of the issue. Military Selective Service Act states comprehensive descriptions regarding the issue of Conscientious Objection. According to the Section 6 of Military Selective Service Act, if a person is not willing to pursue his career in military service due to political, philosophical, religious or social code, he can pursue noncombatant services. He can perform civilian work by maintaining the safety, health or interest. Council of Europe (1967) had passed a resolution that defended those individuals who refused to serve the military for other honest reasons. (Parliament Assembly of the Council of Europe No 337, 1967) Discussion Many authors and practitioners believe that military personnel present opposing views and behaviors to military services not only on the basis of religion, but due to other moral values as well. The study of Milenkovic (2003) states that besides having the religious reasons, more often citizens refuse to work for army services because of political, philosophical, moral, and ethical concerns as well. Current Situation After the Second World War, Roman Catholic countries and traditions especially, Belgium, France, Spain, Italy, Austria and Portugal legally recognized conscientious objection. On the other hand, countries belonging to communism regimes did not permit the legalization of this act. After the plunge of communism, many European Countries now recognize these acts by allowing conscientious objection and further spread it to other continents and countries. End State Goals In some authorsââ¬â¢ point of view, there should be no permission o f the idea of conscientious objection due to numbers of reasons. Every nation aims to consolidate the number of army personnel of their country as it is very constructive and crucial for the security and sovereignty of the whole nation. The larger the number of military personnel, the safer will be the sovereignty of the nation as a whole. Possible Alternate Outcomes for the Current Situation The current situation allows conscientious obj
Wednesday, November 20, 2019
Social Networks in the Middle East, Gulf and Saudi Arabia Literature review
Social Networks in the Middle East, Gulf and Saudi Arabia - Literature review Example The regions digital market has increased tremendously in 2011, with a 240% rise of twitter users in Saudi Arabia in 2011 (Ramzy, n.d) Social Media Sites Number of Users (in millions) à à Facebook 58 Twitter 6.5 LinkedIn 5.8 (GO-Gulf 2013) Facebook is the leading social network platform in the region where United Arab Emirates (UAE) has the highest penetration with the service reaching to about 40% of the population. In terms of penetration, LinkedIn has overtaken Twitter especially in the UAE where the business-oriented network LinkedIn reaches 12% of the population compared to 3% for twitter (Richards, 2012) In the Middle East, that 65% of the social media users are male whereas only 35% are female (GO-Gulf, 2013). This is one of the major differences in social media usage between the MENA countries and other parts of the world where statistics show that women are more likely to use social networks than men. Female users in the world stand at around 71% compared to 62% male us ers. The low number of females in the Middle East is attributed to the religious and cultural restrictions imposed upon women. Women are confined to networking with the family only (Walid andMounira, S, 2013). The greatest percentage of social network users is between the age of 18 and 34 which make up 68% of the social network users whereas the most popular topic for discussion in social networks is music and movies, which take about 67% of conversations in the social networks. On the other hand, religion is the least favourable topic for discussion in the social networks (GO-Gulf, 2013). In the recent past, Iraq, Egypt and Algeria have experienced the biggest facebook usage surge with increases between 48 and 61%., due to the facebook blackout that was imposed by the fallen regime in Libya, facebook usage has dropped in Libya but it is expected to rise after it was revived (Messieh, 2011). The rise in facebook usage in these countries is attributed to the role of facebook and soci al media in general in the Arab Spring that saw the fall of major autocratic regimes (Dennis, Martin and Wood, 2013). For instance, News Group, a Dubai based company released a report for which they had monitored social network activities of over ten million accounts a day prior to the events at Tahrir square. They concluded that there were indications of unrest in Egypt and elsewhere in the Arab world before it got into News headlines (Himelfarb, 2011) The Most Popular Topics for Social Media Users in the Middle East Topics %age à à Music & Movies 67% Community Issues 46% Sports 43% Politics 34% Religion 14% (GO-Gulf 2013) Egypt has the largest market for social networks in the region even though the penetration is quite low at around 13%. Statistics show that 1 in every four Arabs in facebook are Egyptians while 80% of the Market share in the gulf region is in the United Arab Emirates (EAU) and Saudi Arabia ( Richards, 2012). The country with the largest social media penetra tion is the UAE with 47.83% of the population on the social media (Messieh, 2011) The number of social network users is increasing in the region for instance; Egypt alone had more than 1.6 million people who joined facebook between January and September 2012. Saudi Arabia and Syria have also seen close to one million new members join the service whereas it is only Turkey and Djibouti that registered a fall in number of members in facebook in 2012. Twitter has also seen a tremendous growth in the region
Monday, November 18, 2019
Fire Safety Management Plan for Student Hub Case Study
Fire Safety Management Plan for Student Hub - Case Study Example The Student Hub is a sensitive part of our institution due to the number of students that visit the area in a day. Hence, many activities like eating and drinking, studying, relaxation and meeting take place there; therefore, it is important that a definite fire safety management plan be drawn up to provide appropriate safety strategies for students in case of unexpected fire outbreak. Fire hazard and disaster can happen at any place without prior notice. And when such a dangerous thing occurred, it could claim some lives and destroy a lot of property including buildings, furniture and other materials (Thomson, 2001; Davletshina & Cheremisinoff, 1998). The Student Hub has some safety measures that were previously put in place, and these include safety procedures for escape through exit fire doors; the use of a controlled-descent shutter in the kitchen to shut out the flame; the use of automatic exit doors; applying the fire-resistant property of the building by using the fire fighting shafts; designing of cavity barriers in a place like library to reduce the spread of fire; space separation of the designed buildings is another safety measure to limit external fire spread, also construction of external walls help to fight fire in this regards; the installation of fire alarms help to give warnings to all students in the Hub buildings. So, this fire safety management plan will harness all the above-mentioned fire safety strategies so as to map out a functional fire safety management plan for the Student Hub in case of an emergency.Ã
Friday, November 15, 2019
Study on the Market Response to Stock Splits
Study on the Market Response to Stock Splits The market response to stock splits is investigated with the dataset from an emerging country ââ¬â India for period 2006 March 2009. study reports significantly positive abnormal returns on day of split execution and next trading day. regression analysis suggests that the reaction can be attributed to liquidity hypothesis. The postsplit period experiences abnormally high negative which wipes out any positive gain during split execution. This seems mostly explained by presplit price increase and size of firms suggesting that the have experienced a in period are ones suffer worst returns. In theory, stocksplits are cosmetic corporate events as they simply increase the number of outstanding shares and decrease the price of each outstanding share. Hence, there should be no significant effect on the value of the firm. A stock split does not change the revenue or assets of a company. So, stocksplit should cause no change in price other than the adjustment warranted by the split factor. There should also be no change in distribution of stock returns around exdates of stock splits. Exdate refers to the date on or after which a security is traded without a previously declared dividend or distribution. However, empirical evidence suggests that the market generally reacts favorably to stock splits. In different developed markets, for instance, UK and US, significant positive abnormal returns and increase in variance and volumes of trade have been documented around stock split announcements as well as exdates. The contradiction between theory, which expects no change in firm va lue consequent to stock splits, and the reality, with scores of evidence of significant market reaction, triggers the present study. In February 1981, the Indian ministry of finance issued a guideline that denomination of equity shares be fixed uniformly at Rs.10, and that the denomination of the then existing shares other than Rs.10 be converted into denomination of Rs.10. In another guideline in January 1983, the Indian government clarified that denomination of shares of Rs.100 need not be changed to denomination of Rs.10, i.e. shares of all companies were required to be in denominations of Rs.10 or Rs.100 only. Even so, several companies converted the denomination of shares of Rs.100 into that of Rs.10 on the grounds that it generated better liquidity, as also a higher value for the shares. However, in March 1999, the Securities and Exchange Board of India (SEBI) decided, with the objective of broadening the investors base, to dispense away with the requirement of standard denomination of Rs.100 or Rs.10 and gave freedom to companies to issue shares of any denomination but not below Re.1. Companies that had issued shares of the face value of Rs.10 or Rs.100 were also permitted to avail of this facility by consolidation or by splitting their existing shares. To reap benefits of splitting, a number of existing listed companies having denomination of Rs.100 or Rs.10 have split their stocks into different denominations, e.g., Re.1, Rs.2 or Rs.5, etc. These recent changes in the Indias regulatory environment offer a unique opportunity to gain further insight into the stock splits with reference to their effects on variables like stock prices, return, volatility, and trading volume. With the increased integration of international markets in general and a wave of liberalization and globalization, the importance of understanding these stock events has increased dramatically. Further, there a re different capital gains tax laws in India. Under these circumstances, splits may have different effects contrary to what has been reported in various literatures. Furthermore, compared to the worlds major stock exchanges, there are proportionally more small firms listed on Indian exchanges; consequently, many firms are thinly traded. Hence, these differences between Global and Indian markets necessitate studying split events in India. The results of the present study shows significantly positive cumulative abnormal returns on and the next trading day after split execution, following which there is a major decline in share prices which wipes out most of the gain of the execution period. The signaling hypothesis and the trading range hypothesis do not seem to provide any explanation for the significant CAR around execution date, while the liquidity hypothesis seems to contribute significantly towards the positive CAR occurring on and immediately after the execution. The small firm hypothesis also 6 shows weak explanatory power for the change in wealth. The post execution negative reaction is mostly explained by run up of stock prices preceding the execution, implying that the stock split has induced a revision of stocks fundamentals, probably bringing prices to a more fundamental level. 7 2. . Literature review There have been numerous researches on the effect of stock splits on different parameters of capital markets. Fama etal (1969) has been the pioneering study to examine the share price performance of splitting firms. Although the economic literature has not yet found a definitive explanation for either the abnormal returns observed around the announcement and execution dates, or the reasons why managers decide to split, different explanations, not necessarily mutually exclusive have been proposed. The more prominent hypotheses are the signaling hypothesis, the trading range hypothesis, the liquidity hypothesis and the neglected firm hypothesis. One such research paper advocates considering the three different market efficiencies (weak form, semistrong form, and strong form) that the investor can make an above normal return by relying on public information impounded in a stock split announcement. This study agrees that according to the semistrong form market efficiency, the stock split announcement do impact the company stock price. The study done by Desai, Jain (1997) elaborates more on longrun performance of common stock following stock splits announcement and hence concludes that the capital market doesnt fully react to the information conveyed in the stock split announcement. Considering the ignored studies of small firms, the paper examined firm portfolio of different sizes and more diversity in terms of industries. Taking a large sample of stock information for a period of 1976 ââ¬â 91, the research paper concluded that the market does not incorporate the full effect of the stock split announcement in the month of announcement. It is evident that managers believe that stock split results in optimal trading price of a stock that attract small investors and hence enhances liquidity. Joshipura (2008) studied the price and liquidity effects associated with stock split surrounding its announcement and execution 8 dates in Indian stock exchanges. The results suggested that though there were some positive abnormal return associated surrounding announcement and execution dates of the stock split, but it reverses in just a few days after the event dates, and ultimately generates significant negative abnormal return in slightly longer postexecution window. It also found that there was a significant improvement seen in liquidity surrounding announcement and execution dates of stock split. Desai and Nimalendran (1998) examined the effect of the change in trading activity after stock splits on volatility and spread. The results of the study show that the increase in volatility cannot be attributed solely to microstructure biases arising from the bidask bounce and price discreteness. Even after correcting for these two biases, the study found a significant increase in volatility after the split. The study also found an increase in the number of trades after the split, and the increase in the biasadjus ted volatility was positively related to this increase in the number of trades. The study decomposed volatility into transient and permanent components and found that both components of volatility increase after the split. Attributing transient volatility to noise traders and permanent volatility to informed traders, the study suggested that trading by both types of traders increases after the split. Ikenberry, etal (1996) discusses that splits are used to move stock prices into a trading range to increase liquidity and that they are used by management as a signal of positive private information. The study found evidence that is consistent with the view that splits are typically used to realign stock prices to a normal trading range. The study also confirmed that splits convey favorable information, thereby validating the signaling hypothesis. It was found that market reaction was greater for small firms, low booktomarket firms and firms splitting to low share prices. The study also found an inverse relationship between the presplit run up and postsplit excess returns, suggesting that the results were not attributable to momentum. 9 There are various studies devoted to studying the effect of stock splits in specific geographies. Asquith, etal (1989) examined stock splits in the US market and found that stock splits do convey earnings information. The results indicated that firms split their shares after a significant increase in earnings. Before the stock split announcement, the market expects these earnings increases to be temporary. The split announcement leads investors to increase their expectations that the past earnings increases are permanent. The study also found that the markets reaction to the split announcement cannot be attributed to expectations of either future earnings increases or nearterm cash dividend increases. Elfakhani, etal (2003) examined the market behavior surrounding stock split announcements in the Canadian market for the 1977ââ¬â1993 period and the effect of the 2year before compared to the 2year after the announcement. Using the event study methodology, the findings indicated tha t positive abnormal returns exist on both the announcement days (0,1) and the 11day period surrounding stock split announcements. The results also showed that following the split event, bidask spreads decrease, while both trading volume and the number of transactions increase thus suggesting that split events enhance liquidity. Further, the study observed that earnings grow in the 2year period following split events, thus implying that split events signal future performance of the firm. Wulff (2002) investigated market reaction to stock splits using a set of German firms and in line with the US findings, found significant positive abnormal returns around both the announcement and the execution day of German stock splits. The study also observed an increase in return variance and in liquidity after the exday. The study found that abnormal returns around the announcement day are not related to changes in liquidity, but (negatively) to firm size, thus lending support to the neglected f irm hypothesis. Despite noting a substantial increase in liquidity after the split, the study did not find support for the liquidity 10 hypothesis. Menendez, etal (2003) analyzed the motivations and valuation effects of stock splits in the Spanish market. The findings of the study suggest that splitting firms present a presplit stock price above the normal trading range, and that, after the split, the number of transactions and the average transaction size increase significantly. Moreover, positive abnormal returns are observed around the announcement dates and around the exdate. For the latter, however, these positive wealth effects are outweighed by the negative abnormal returns observed closely afterwards. The study found that liquidity, or the optimal trading range hypotheses prevailed over other hypotheses as an explanation for stock splits in the Spanish market. The findings of the study suggest the main reason behind a stock split and for the positive market reaction around the stock split announcements is a higher share price than the normal trading range. The reduction of this higher price seems to attract s mall investors and thus significant increases in the number of transactions and reductions in the trading volume per transaction after the split are observed, without there being any significant variation in the volume of shares traded. This adjustment of the firms stock price to a normal trading range is valued positively by investors. Most of these studies are concentrated mainly around market reaction at the announcement date. In a study on the UK equity market, specifically concentrating on the exsplit date, Staikouras etal, (2009) has documented positive abnormal returns on and around the exsplit date which are partially predictable using the publicly available information prior to the exsplit date. The study also observed a persistent increase in the post split volatility of the stocks in the UK equity market with this increase being better explained by the daily trading volume. This is in contrast to the US findings where the daily number of trades was found to better capture the increase in volatility. 11 In this study, the market response to stock splits is investigated with the dataset from an emerging country ââ¬â India, which is distanced from the west in terms of geographical location, economic development, institutional and legal framework. Not much is available in the Indian context with a focus on the exsplit date, so far, except for the commendable work by Mishra (2007), which documents negative effect on price and return of stocks following splits. The study also reports a positive effect on volatility and trading volume following the split events. The present paper tries to provide a few additional insights on the issue and therefore, differs from Mishras (2007) study in the following ways. Firstly, an attempt is made to explain the significant cumulative abnormal returns around the split execution dates with the help of regression analysis. Secondly, the independent variables cover issues like small firm hypothesis, price run up, deviation of price from market average, which are unexplored in his paper. Thirdly, the data set of the present study covers the period post Mishras study, i.e., from 2006 to March 2009. HHHHyyyyppppooootttthhhheeeesssseeees s ffffoooorrrrmmmmuuuullllaaaattttiiiioooon n TTTThhhhe e ssssiiiiggggnnnnaaaalllliiiinnnng g hhhhyyyyppppooootttthhhheeeessssiiiis s The signaling hypothesis proposes that, in a scenario of asymmetric information between managers and investors, managers may use stock splits to signal positive information to the market about the firms future expectations. The presence of positive abnormal returns around the stock split announcement that is found in many empirical studies provides evidence for the signaling hypothesis. 12 Trading range hypothesis According to the optimal trading range hypothesis, stock splits are used as tools to realign the share price to a desired price range so that it is more affordable for small investors to buy round lots of shares. If the presplit share price is at a high level, then a stock split is justified for improving the marketability of the shares. Empirical findings suggesting an increase in the daily number of transactions after the split do not reject this optimal range hypothesis. TTTThhhhe e lllliiiiqqqquuuuiiiiddddiiiitttty y hhhhyyyyppppooootttthhhheeeessssiiiis s The managements motivation to bring the share price to an optimal trading range arises from the desire to improve liquidity. According to literature there is an observed increase in trading volume during the postsplit period, and hence provide support for the liquidity hypothesis of stock splits. Staikouras etal, (2009) in their study of the UK equity market document a strong and positive relationship between the measures of trading activity and the returns volatility over the preand postsplit horizons. SSSSmmmmaaaalllll l ffffiiiirrrrm m hhhhyyyyppppooootttthhhheeeessssiiiis s Small firm or neglected firm hypothesis suggests that since the smaller firms have fewer announcements published in the financial press, the split announcement is expected to create greater market interest than it would be in case of larger firms. So, small firms may have an incentive to adopt the stock splits to grab more attention. Based on the discussion above, we can lay down the objectives of this study. The study proposes to, using data from the Indian stock market, examine the presence of positive abnormal returns over the stock split 13 period and, if found to be true, to study whether the returns can be explained using any of the hypotheses mentioned above. We formulate the following hypotheses: HHHH1111: There is no significant abnormal return around the exsplit date. HHHH2222: If H1 rejected, returns are identical for all firms in sample. HHHH3333: and H2 the abnormal observed around event window [1,+1] can be attributed to publicly available information based on one or more of theoretical hypotheses above. HHHH4444: If H3 is true, a similar explanation can be made using this data for different time horizons around the exdate. An event study framework is employed to test the above hypotheses. An OLS regression model is used for determining the factors for the occurrence of abnormal returns across the event window. 14 3333. . DDDDaaaatttta a aaaannnnd d MMMMeeeetttthhhhooooddddoooollllooooggggy y 3333.1 DDDDaaaatttta a CCCCoooolllllllleeeeccccttttiiiioooon n The basic sample is comprised of all Bombay Stock Exchange (BSE) equity stocks that have split between January 2006 and March 2009. The National Stock Exchange website was used to download list of stocks that have undergone a stock split in this period. There were a total of 151 stock splits during the period. All financial data series for these stocks like daily closing adjusted prices, market capitalization, trading volume and market indices were downloaded from Thomson DataStream. The following criteria have been applied to include a company in the sample. i) The stock price data is available for 260 days prior to the exsplit date. ii) Data for 260 days are available for the postsplit period. iii) Where a stock has split more than once in the sample period, the first exsplit date was considered. iv) Other required financial information is available. After filtering on the basis of the above criteria, the number of firms on which the analysis could be carried out was 99. 3333.2 DDDDaaaatttta a AAAAnnnnaaaallllyyyyssssiiiis s Table 1A Table 1B below show summary statistics of the sample stocks used for this study. There is an even distribution of stock splits in each year of the sample period indicating normal stock split activity in the Indian equity market 15 for the given period. However, analysis on a monthly basis reveals that August, September and October are the most active months for stock splits, possibly indicating a preference by firms to execute the split around that time. More than 40 percent of the firms in the sample have the stock split in this period. 5:1 split is the most common split ratio (57 firms) in the sample followed by 10:1 and 2:1 split ratios. For the 4:1, 6:1 and 5:2 split ratios, there is only one stock in the sample period. Therefore, summary statistics for these stocks were not calculated as any observations made would be a result of a very firm specific performance and not a general conclusion. The average price for the 2:1, 5:1 and 10:1 split sizes are Rs. 229.99, Rs. 192.30 and Rs. 215.27 respectively. No conclusive relation between the stock price and the split ratio can be inferred from the maximum and minimum values shown below. The average marketcap for the 2:1, 5:1 and 10:1 split sizes are Rs. 13068.56 million, Rs. 57129.56 million and Rs. 87126 million respectively. The average market capitalization is observed to increase with higher split ratio possibly indicating that the largecap stocks are the ones that usually opt for the higher split ratio. 16 TTTTaaaabbbblllle e 1111AAAA: : SSSSttttoooocccck k SSSSpppplllliiiit t ssssaaaammmmpppplllle e ddddiiiissssttttrrrriiiibbbbuuuuttttiiiioooon n TTTTaaaabbbblllle e 1111BBBB: : SSSSttttoooocccck k SSSSpppplllliiiit t ssssuuuummmmmmmmaaaarrrry y ssssttttaaaattttiiiissssttttiiiiccccs s 17 3333.3 MMMMeeeetttthhhhooooddddoooollllooooggggy y EEEEvvvveeeennnnt t bbbbaaaasssseeeed d ssssttttuuuuddddy y Event studies start with hypothesis about how a particular event affects the value of a firm. The hypothesis that the value of the company has changed will be translated in the stock showing an abnormal return. Coupled with the notion that the information is readily impounded into prices, the concept of abnormal returns (or performance) is the central key of event study methods. How does a particular event affect the value of a company? We must be careful because at any time we observe a mixture of market wide factors and a bunch of other firm events. To correctly measure the impact of a particular event we need to control for those unrelated factors. The selection of the benchmark to use or the model to measure normal returns is therefore central to conduct an event study. The empirical model can be stated as follows: when an event occurs, market participants revise their beliefs causing a shift in the firms return generati ng process. For a given security, in non event periods, Rt = xt B + et while in event periods, Rt = xtB + FG + et Rt is the return of the security in period t, xt is a vector of independent variables (for example the return of the market portfolio) in period t, B is a vector of parameters, such as the security beta, F is a row vector of firm characteristics influencing the impact of the event on the return process. G is a vector of parameters measuring the influence of F on the impact of 18 the event and et is a mean zero disturbance term possibly differing in event and non event periods. Hypotheses usually centre on the parameters that measure the influence of the event (G) and most of the times F is set to unity. The null hypothesis is that such an event has no impact on the return generating process. Event study methods are the econometric techniques used to estimate and draw inferences about the impact of an event in a particular period or over several periods. The most common approach involves three steps: (1) Compute the parameters in the estimation period; (2) Compute the forecast errors (and obtain variance/covariance information) for a period or over an event window; aggregate across firms and infer about the average effect; (3) Regress crosssectional abnormal returns on relevant features of the stock supposed to influence the impact of the event. In this study, the event is the split execution date, defined as day 0. The event splits the sample into two sets ââ¬â the presplit period and the postsplit period. The presplit period considered in this study is a period of 260 days prior to the event date (260 days to 1 day) and the postsplit period is the period of 260 days after the event date (+1 day to +260 days). This leads to a total period of 521 trading days data for each stock (including the split date) centered around the event date for that stock. In essence, all stocks are aligned according to their event timeline. The estimation window is the 220 day period from 260 to 41 trading days. A similar event based alignment of data was performed for the other financial data namely market capitalization, market index and trading volume. In this study, the benchmark index chosen for running the regression for the market model is the BSE 100 index. The index price was also aligned according to the split date for each stock t o obtain comparable market 19 return at and around the event date. The Brown and Warner (1985) methodology is applied to test for the significance of abnormal returns. Regressions to estimate the parameters of the market model The standard single index asset pricing model is used to estimate the market parameters ( à ² and c). The market model used to estimate the parameters is given as below: Ri = à ²Rm + c where Ri ââ¬â expected return of stock i Rm ââ¬â market return c constant of regression
Wednesday, November 13, 2019
Contemporary Music Analysis and Speculation :: essays research papers
Nuova Consonanza - NC Berlino 1969 The piece begins with about 3 sounds occurring concurrently. I can identify a guitar or similar string instrument distinctly. I also hear a wind instrument drone. As the piece progresses, I hear random noises in the background. These begin with an object sliding down a wire, creating a downward scale effect. High pitched piano that is low in intensity is heard. Suddenly I hear a squeaky, high pitched sound that sounds like squeaking on glass with wet fingers. This is soon followed by clinging objects such as keys. It sounds as if they are made of plastic or wood. The squeaky sound continues and becomes more regular and frequent. Added to it is a sound similar to a xylophone. I hear objects being struck that produce different tones, medium in pitch. The mood of the piece gradually changes into a darker aura. Deeper, lower pitched percussion begins to take over as the most-noticed sound in the piece. This low percussion gets louder and more frequent, leading into some high pitched sounds that resemble an object striking wooden planks. Soon after, I begin to notice the sound of trumpets or some other brass instrument backed by low pitched percussion, such as a bass drum. The brass is joined by what sounds like a squeaky hinge for a short time. The metal-on-metal sound heard here is very distinct. These sounds gradually fade away as the piece becomes more silent. The instrumentation becomes more drone-like, resembling the beginning of the piece. After the period of reduced volume, I hear several instruments making short, fast sounds. The drone style continues, as the short, fast sounds are clearly the secondary focus. The first sound I identify sounds like a human blowing into a long tube. Next I hear a flute and what sounds like a high pitched electric motor speeding and slowing. This transitions into high pitched, continuous percussion, which sounds like cymbals. The brass heard before continues but now it is much more continuous and drone-like. After a while the volume gets louder, while the sounds continue in a drone fashion. The sounds fade away, but as the piece ends I hear springs creaking and a human inhale. As a listener I can categorize this piece into the collage category. I feel that while listening I am among a collection of objects and am free to observe any one of them at any given time.
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